Big moves are afoot in China’s music-streaming world, with reports that tech giant Alibaba is acquiring a 20% stake in NetEase Cloud Music, as part of a wider $2bn investment in the latter’s parent company NetEase.
MBW suggests that the deal may value NetEase Cloud Music as high as $9bn – less than half that of rival Tencent Music, but still an impressive step up from the $3.5bn that it was valued at in 2018 when it raised a funding round of $600m.
Alibaba has its own music subsidiary (Ali Music Group) and streaming service (Xiami), but the two companies signed a partnership last year to share some of their previously-exclusive catalogues.
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Source: Music ally